Economic Systems

Question 1

closed economy

Answer 1

an economy that operates without imports or exports as part of a self-sufficient community

Question 2

command economy

Answer 2

one in which the government determines production, prices, and income

Question 3

mixed market economy

Answer 3

one that has some government intervention

Question 4

pure market economy

Answer 4

one in which goods and services are sold privately, with no government interaction

Question 5

regulate

Answer 5

to govern by providing guides and limitations

Question 6

traditional economy

Answer 6

one based on customs or tradition of a family or community